Thursday, February 09, 2006
ECONS TIMED ASSIGNMENT
there'll be an econs timed assignment next thurs. since the qns can be found in the tys, im not gng to make copies of the qn paper. anyway, for those who are still unclear, the qns are as follow:
Q1. N2003/3
It was reported in October 2001 that industry in Singapore was facing a sharp recession. GDP grew by 10% in 2000, but in 2001 it was predicted to decline. The Singapore Chamber of Commerce petitioned the government for reductions in personal and corporate tax rates.
(a) Explain what might happen to national income if a government were to reduce personal and corporate tax rates.
(b) Discuss whether the decline in GDP mentioned above necessarily meant that the standard of living for the average person in Singapore also sharply declined.
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Q2. N2001/6
It was reported in the last ten years there has been an improvement in the standard of living of the average person in Namibia.
(a) Outline the determinants of the level of national income in a developing country.
(b) Comment on the difficulties of comparing living standards between countries.
